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Fraudulent Financial Reporting Practices: Case Study of Satyam Computer Limited

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Fraudulent Financial Reporting Practices: Case Study of Satyam Computer Limited Madan Lal Bhasin, / Journal of Economics, Marketing, and Management 4(3), pp.12-24. ISSN: 2288-7709 © 2016 EABEA. http://www.icma.or.kr doi: http://dx.doi.org/10.13106/jemm.2016.vol4.no3.12 Fraudulent Financial Reporting Practices: Case Study of Satyam Computer Limited Madan Lal Bhasin Professor, School of Accountancy, College of Business, Universiti Utara Malaysia, Sintok, Kedah Darul Aman, Malaysia. E-mail: [email protected] Abstract Fraudulent financial reporting practices can have significant consequences for organizations and all stakeholders, as well as, for public confidence in the capital and security markets. In fact, comprehensive, accurate and reliable financial reporting is the bedrock upon which our markets are based. Keen to project a rosy picture of the Satyam to investors, employees and analysts, Mr. Raju (CEO and Chairman) fudged the account books so that it appeared to be a far bigger enterprise, with high profits and fast growth rate, than it actually was. The Satyam fraud has shattered the dreams of different categories of investors, shocked the government and regulators alike, and led to questioning of the accounting practices of statutory auditors and corporate governance norms in India. This is an exploratory study based on secondary sources of information. An attempt has been made to provide an explanation for various intriguing questions about Satyam scam. After thorough investigations by the CBI and SEBI, they have unveiled the methodology by which Satyam fraud was engineered. Finally, we recommend “Fraudulent reporting practices should be considered as a serious crime, and accounting bodies, courts and other regulatory authorities in India need to adopt very strict punitive measures to stop such unethical practices.” Keywords: Fraudulent Financial Reporting Practices, Satyam Computer, Modus-Operandi, Financial Statements, Corporate Governance, Auditors, Forensic Accounting, Corporate Culture and Ethics, SEBI, SFIO, CID, India. 1. Introduction Fraudulent financial reporting practices and accounting frauds have occurred in all eras, in all countries, and affected many organizations, regardless of their size, location, or industry. In nutshell, fraudulent financial reporting is a deliberate misstatement in the financial statements (FS). It can include the deliberate falsification of underlying accounting records, intentionally breaching an accounting standard, or knowingly omitting transactions, or required disclosures in the FS. For example, deliberately not disclosing a contingent liability, or significant going concern problems in the notes to the financial statements means that the disclosures required have intentionally not been made. This is an example of fraudulent financial reporting. Thus, financial reporting fraud—an intentional, material misrepresentation of a company‟s financial statements—remains a serious concern for investors and other capital markets stakeholders. In fact, fraudulent financial reporting practices can take many forms. For instance, it may entail deliberate distortion of corporate records (such as, inventory count tags), or falsified transactions (such as, fictitious sales or orders), or misapplication of accounting principles. Company employees at any level may be involved, from top to middle management to lower-level personnel. Undoubtedly, fraudulent financial reporting can have significant consequences for the organization, stakeholder, as well as, for public confidence in the capital market. However, fraud impacts organizations in several areas: financial, operational and psychological. Corporate accounting fraud is not a new thing in this world after the debacle of Enron, which proved to be a stimulus for others to fancy their own Enron in their respective organizations. “With increasing trend in financial crimes across the globe, investors have lost their confidence, the credibility of financial disclosures is questioned, and companies are also facing huge financial losses” (Reurink, 2016). Fortunately, the Sarbanes-Oxley Act of 2002 and SEBI‟s Listing Clause 49 in India have done much to improve corporate governance and deter frauds. 12 Madan Lal Bhasin, / Journal of Economics, Marketing, and Management 4(3), pp.12-24. No doubt, recent cases of fraudulent financial reporting, accounting frauds and the resultant outcry for transparency and honesty in reporting, have given rise to two disparate yet logical outcomes. Recently, Bhasin (2016) reiterated, “First, „forensic‟ accounting skills have become crucial in untangling the complicated accounting maneuver‟s that have obfuscated financial statement frauds. Second, public demand for change and subsequent regulatory action has transformed „corporate governance‟ (henceforth, CG) scenario.” In fact, both these trends have the common goal of addressing the investors‟ concerns about the transparent financial reporting system. The failure of the corporate communication structure has made the financial community realize that there is a great need for „skilled‟ professionals that can identify, expose, and prevent „structural‟ weaknesses in three key areas: poor CG, flawed internal controls, and fraudulent financial statements. “Forensic accounting skills are becoming increasingly relied upon within a corporate reporting system that emphasizes its accountability and responsibility to stakeholders.” Satyam Computer Services Limited (henceforth, Satyam) was once the crown jewel of Indian IT industry, but brought to the ground by its founders in 2009 as a result of financial crime. The debacle of Satyam raised a debate about the role of CEO in driving an organization to the heights of success, its relation with the board members, and role of CG in shaping the protocols related to working of audit committee (AC). Thus, an in-depth case study of Satyam is conducted here to analyze the fraudulent accounting reporting scam from accounting and top-level management perspectives. 2. Review of Literature Several analytical studies, from time to time, have been reported in the global media and majority of these studies were performed in developed, Western countries. Unfortunately, no study has been conducted to (a) examine the modus-operandi of the Satyam, India‟s largest corporate fraud, and (b) analyze the behavioral aspects of top-level management team in the perpetuation of corporate frauds in the context of a developing economy, like India. However, Winkler‟s (2010), descriptive paper provided good analysis of the Satyam scandal. It covered the areas of history of Satyam, and also provided an insight into how the $2.7 billion scandal evaded regulators, investors, and the board of directors. The author also provided a discussion of who was responsible for the fraud, and explained the scandal‟s effect in India and the implications for dealing with future obstacles. Finally, the author discussed the regulatory reforms undertaken following Satyam scam and the current status of Indian securities markets. In another research study performed by Bhasin (2013), “the main objectives were to: (a) identify the prominent companies involved in fraudulent financial reporting practices, and the nature of accounting irregularities they committed; (b) highlighted the Satyam Computer Limited‟s accounting scandal by portraying the sequence of events, the aftermath of events, the key parties involved, and major follow-up actions undertaken in India; and (c) what lesions can be learned from Satyam scam?” Another descriptive study by Pai and Tolleson (2015) examined the capture of government regulators using the case of Satyam Computer Services Limited, one of India‟s largest software and services companies, which disclosed a $1.47 billion fraud on its balance sheet on January 7, 2009. The authors reviewed the Satyam fraud and PWC‟s failure to detect Satyam‟s accounting shenanigans, and also discussed the societal implications associated with a “too big to fail” mentality and the moral hazard of such a mindset. In addition, the paper provides suggestions to protect the public interest while citing lessons learned from this scandal. Similarly, Bhasin (2015a) performed another research study by applying a questionnaire-based survey among 345 bank employees to know their perception towards bank frauds and evaluate the factors that influence the degree of their compliance level. The study reveals that “there are poor employment practices and lack of effective employee training; usually over-burdened staff, weak internal control systems, and low compliance levels on the part of Bank Managers, Offices and Clerks.” However, an exploratory research was conducted by Gupta and Gupta (2015) through a combined mode of structured questionnaires from 346 sample companies and 43 interviews with the corporate professionals, management, investors, government offices and authorities having wide experience. They found that the regulatory system is weak, there is dire need to redefine the role of auditors, coordination among different regulatory authorities is poor, and after every scam, there is a blame game.” Recently, Bhasin (2016a) conducted a study using a questionnaire-based survey methodology, wherein14 specific research questions were asked. In all, 120 questionnaires were distributed to the preparers‟ and users‟ of the company FS and 85 responses from the participants were collected and analyzed using the percentage and frequencies of respondents. The study revealed that the practice of creative accounting (CA) is always a deliberate attempt to gain
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